UPDATE: Goldman Sachs Raises PT to $56.50 on Bally Technologies Following Earnings Results

Goldman Sachs reiterated its Buy rating on Bally Technologies

and increased its price target from $54 to $56.50. Goldman Sachs commented, "We remain Buy rated on Bally shares as we think there is more to go in the company's product cycle. In the quarters ahead, we expect continued growth in gaming operations installed base, margin expansion in gaming equipment and a strong ramp in systems as several new contracts kick in. We are also modeling for continued share buybacks which magnify earnings growth." Bally Technologies closed at $49.82 on Friday.